- Tuesday, October 22, 2024
Shares of Hyundai Motor India ended at ₹1,820.40 (£16.68) apiece on the Bombay Stock Exchange, down 7.12 per cent against the issue price of ₹1,960 (£17.96)
By: Shajil Kumar
SHARES of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, on Tuesday made a muted market debut and ended more than 7 per cent lower against the issue price of ₹1,960 (£17.96).
The stock listed at ₹1,931, reflecting a decline of 1.47 per cent from the issue price on the BSE. The stock made some recovery during the initial trade and hit a high of ₹1,968.80, up 0.44 per cent. But it failed to carry the momentum and slumped 7.80 per cent to ₹1,807.05 during the day.
Shares of the firm finally ended at ₹1,820.40 (£16.68) apiece, down 7.12 per cent.
On the NSE, the stock made its debut at ₹1,934, down 1.32 per cent. Intra-day, it tanked 7.80 per cent to ₹1,807. The stock ended at ₹1,845, lower by 5.86 per cent.
The company’s market valuation stood at ₹1.47 trillion.
In terms of volume, 15.87 lakh shares of the firm were traded on the BSE and 286.20 lakh shares exchanged hands on the NSE during the day.
“Despite the discounted listing, Hyundai Motor India’s strong fundamentals, being the second-largest passenger vehicle manufacturer in India and its strategic focus on the SUV segment, continue to support its long-term growth prospects,” Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said.
In the equity market, the benchmark indices gave up early gains and ended sharply lower. The BSE Sensex ended 930.55 points or 1.15 per cent lower at 80,220.72 and the NSE Nifty slumped 309 points or 1.25 per cent at 24,472.10.
“Foreign investors are fleeing Indian equities to invest in relatively cheaper locations such as China, especially after the stimulus announcement by its government to boost its slowing economy,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.
The initial public offer of Hyundai Motor India Ltd, the biggest in India, got subscribed 2.37 times on the last day of the bidding on Thursday, helped by institutional buyers. (PTI)
